Construction spending increased in January to $1.67 trillion, a 1.3% increase from December and an 8.2% jump from January 2021, the Census Bureau reported.
Private residential construction spending increased 1.3% month-over-month and 13.4% year-over-year. Private nonresidential construction spending increased 1.8% month-over-month and 7.3% compared with January 2021. Public construction spending ticked upward 0.6% for the month, but declined 1.3% from January 2021.
“Private nonresidential construction, especially for manufacturing plants, has rebounded sharply in recent months, while demand for housing remains strong,” stated Ken Simonson, chief economist for the Associated General Contractors of America. “But public projects have yet to grow consistently.”
The full AGC report can be found here.
